Record annual profit for Briscoes
Homeware retailer Briscoes Group says its full-year net profit of $27.5 million is an earnings record.
The 27% or $5.92 million rise in net profit, for the year to January 29, was achieved as sales rose 4.5% to $458.04 million.
However, gross profit margin fell slightly from 39.7% to 39.5%, reflecting the impact of the significantly late start to summer and the flat retail market in general.
Shares in Briscoes rose 3 cents to $1.50 after the result was released in this morning, having fetched between $1.53 and $1.30 this year.
Group managing director Rod Duke says the record result is pleasing amidst ongoing economic uncertainty here and overseas.
The Rugby World Cup helped its 32 Rebel Sports stores perform “exceedingly well” in the third quarter on sales of All Blacks and other licensed merchandise, Mr Duke says.
Sales at the group’s Briscoes homeware stores rose 2.7%to $294.4 million, despite closure of one Briscoes store and six Living Giving stores.
The retail environment was forecast to be difficult in the year ahead, but Mr Duke said the retailer was leased with the start it had made to the financial year.
A fully tax-paid dividend of 6.5 cents will be paid on March 29 – up from 6 cents a year earlier.
Briscoe 12-month chart. Source: CapitalIQ. Click to enlarge.